ABSTRACT
Karl Marx was deeply moved by the plight of the working man. Marx may have been the first significant economist to interpret capitalism as a dynamic system, and he offered a persuasive but ultimately flawed explanation of the economic crises that marked the nineteenth century. Alfred Marshall built on and expanded the work of William Stanley Jevons and Leon Walras. Marshall is credited with developing the law of supply and demand and the concept of present value. Sympathetic economists from other universities may consider themselves part of the "New Classical" movement, and the term may be used to embrace the Chicago School as well. The New Classical movement appears to be an attempt to capture the authority of Adam Smith, David Ricardo, and Thomas Malthus without actually reading their work or taking any account of their conclusions. Stedman Jones, in his profound work Masters of the Universe, identifies two seminal thinkers in the development of neoliberalism.
